does anyone have an ABLE account for their disabled kids?

[Eilonwy]

I just found out about these and am wondering if we should set one up for our son. He is 17, autistic, and will likely be getting SSI when he turns 18. (Unless everything collapses.)

Our state (CA) doesn't have a state tax break for the ABLE accounts, but does offer consumer protections for those getting aid. And income isn't taxed. On the other hand, his disability isn't the kind that comes with large special expenses.

I could also use advice about setting up a bank account for our son. I'd like him to start taking some responsibility for his own spending, but he has significant executive function issues.

[Trifle]

No advice to offer, sadly -- but I also have a family member that might benefit, and am very interested in learning more.  Thank you for this post -- I didn't know about these.

Maybe you could post your question on the bigger boards as well?  (General Discussion, Ask a Mustachian)

[ontheway2]

If your son will have any type of cash assets, I'm pretty sure an ABLE account will be necessary since SSI has a 2k resource limit, but up to 100k in an ABLE account is exempt.

Edit:  Housing and transportation (if needed in the future) can be paid from ABLE accounts, so it isn't limited to special expenses related to the disability

[cloudsail]

Posting to follow.

[Eilonwy]

I had never heard of it either, which is pretty weird. But actually I find that true about a lot of disability related information. :-(

My son has no assets, and we already have a special needs trust set up for if/when he inherits our assets. So this might not be necessary.

[Trifle]

Yes it is weird. And ironically just last week we had a meeting with the lawyer who is setting up a trust for this family member, and she didn’t mention it.  I think one obvious difference with the ABLE is that the person controls their own money.  With the trust, the trustee does.  In our case we WANT self control, but the lawyer didn’t even mention ABLE.  I wonder if she even knows about it ...